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Rising Above the Waters: Ensuring Flood Compliance for Commercial Loans. Recorded Webinar | September 24, 2024 Risk Rating 2.0. Recorded Webinar | July 6, 2021 Flood Disaster Protection Act for Compliance Professionals. Self-Paced Training Flood Disaster Protection Act. Self-Paced Training View All
The National Flood Insurance Program (NFIP) has been reauthorized through September 30, 2021. As of February 2021, the prospects for long term NFIP reauthorization are unclear. The House Financial Services Committee, led by Rep. Maxine Waters, unanimously passed a reform and five year reauthorization in mid 2019, but the Senate did not take up the reform legislation.
Payments. Innovations in payments have transformed how—and how fast—customers can conduct transactions. ABA can help you navigate challenges and opportunities in the evolving world of payments, see what banks are doing to offer payments solutions that meet the speed and security their customers demand, and stay ahead of this rapidly evolving core function of banking.
The 2022 ABA Flood Compliance Guide is a new manual for banks and lenders, addressing the mandatory purchase requirement and its attendant obligations under the Flood Disaster Protection Act. This guide includes compliance for private flood insurance policies and addresses force-placement, escrow, loan servicing obligations, notice requirements, loan participations and more. The helpful guide ...
Interagency Questions and Answers Regarding Flood Insurance May 11, 2022 The National Flood Insurance Program Community Status Book January 5, 2022 FDIC Videos Cover Flood Insurance, Appraisals December 17, 2021 FEMA Publishes Guidance on Potential Lapse in National Flood Insurance Program (NFIP) Authority August 25, 2020
While banks' compliance teams often concentrate on the Flood Disaster Protection Act (FDPA) requirements for residential properties, it's crucial not to overlook their applicability to commercial properties. According to FEMA, about 40% of businesses do not reopen after a disaster, and an additional 25% close within a year of resuming operations.
Bankers report that examiners are citing violations for matters not covered by the regulations and interagency exam procedures. Banks want to comply but are challenged by unclear rules and supervisory standards. We must urge the Agencies to provide clear guidance on flood insurance compliance. What We Are Asking. Timely Reauthorization.
For purposes of flood regulation (12 CFR 22, 208.25, or 339) compliance, must a bank accept the flood coverage endorsement of a homeowner’s insurance policy for purposes of flood regulations?
Joint Comments to the Agencies on Private Flood Q&As. From American Bankers Association, Mortgage Bankers Association MBA, American Property Casualty Insurance Association, Independent Community Bankers of America ICBA, National Association of REALTORS, National Association of Mutual Insurance Companies, National Flood Association, Reinsurance Association of America, Wholesale and Specialty ...
My bank is subject to the flood insurance escrow rules and is extending a loan secured by a first lien on a consumer’s second home, which is located in a designated flood zone. Is the bank required to escrow for the flood insurance premiums since this is a first lien position even though it is not the borrower’s principal residence?